How to mine Siacoin (SC)?

How to mine Siacoin (SC)?

Siacoin is a digital currency that can be used to purchase storage on its decentralized storage marketplace. Since its inception, it is expected to grow up to be a worthy competitor for Dropbox, Google Drive and the likes. The value of Siacoin is at $0.008212 at the time of writing. Sicaoin is at #29 in terms of market capitalization within the Crytocurrency market.

Siacoin price and market standing

Mining Siacoin

The advisable way to mine Siacoin is to dual mine it with Ethereum at current currency rates, as Siacoins are produced by GPUs without any considerable difference to the Ethereum (ETH) mining values. Essentially, dual mining is like getting free Siacoins. In this tutorial, we are going to mine Siacoin with Ethereum Dual mining, using Claymore miner on Nanopool (sia.nanopool.org).

The first few steps for Ethereum-Siacoin dual mining is the same as that of Ethereum mining, since one needs to have Ethereum mining up and running in order to do Sia mining. We are going to skip the steps for setting up Ethereum wallet and configuring the Ethereum miner for this guide. Go here for step by step procedure for Ethereum mining

1. Setup SiaCoin Wallet

Siacoin waller can be setup on the local system by downloading the Sia-UI application from SiaTech. Download and install the application. Let it sync with the network. Then create a new wallet and make sure to securely store your Sia password and Seed value. Both these values are lengthy sentences, unlike usual passwords. Once the wallet is created, the wallet address will be available.

Atlernatively, one can create a wallet instantly on exchanges such as Bittrex.

4. Start Mining Siacoin

Double click the start_eth+sia.bat to start the dual miner. Now the miner will start mining and will be sending the coins to your wallet, via Nanopool. Nanopool makes payments whenever the coin balance reaches 1000.